Typically, invoice processing involves the handling of incoming invoices from arrival to post. Invoices are generally grouped into two types: 1) invoices that are associated with a request or purchase order; and 2) invoices that do not have an associated request or purchase order. Thus, as part of the processing of the invoice, the invoice is typically matched against a corresponding request or purchase order to determine whether the invoice is identical or similar to the corresponding request or purchase order (e.g., the quantity and/or amount indicated on the invoice is identical or similar to the quantity and/or amount indicated on the corresponding request or purchase order).
Technology has further enabled the automation of invoice processing from arrival to post. In an automatic process, the data of the invoice can be extracted or captured from the invoice and sent to an automatic invoice matching system (also identified as an “invoice matching engine” or “configurable invoice matching engine”). Once the data of the invoice has been extracted or captured, the automatic invoice matching system can attempt to match the data of the invoice with data of a corresponding request or purchase order. Many automatic invoice matching systems are integrated into overall organizational enterprise resource planning (“ERP”) systems.
Traditionally, invoice matching systems perform the invoice matching process using a combination of suppliers, purchase documents, and locations. The objective of this process is to ensure invoices sent from suppliers for goods sold accurately reflect the actual goods received on purchase documents prior to authorizing the payment of the invoices. An ideal invoice matching system can ensure both the accuracy of invoices as well as achieving a high rate of automated invoice matching which eliminates the need for user intervention. This elimination of user intervention can translate to direct cost savings for the purchaser.
Traditional invoice matching systems generally provide for some points of configuration but leave it to a user to determine how best to configure the invoice matching system. This can lead to a lot of trial-and-error which is both time consuming and does not offer a guarantee as to when an optimal level has been achieved. Also, as business evolves, the need to adjust these configurations can arise frequently, which can result is constant monitoring of the points of configuration.